Meta tells staff it will cut 10% of jobs

Meta announces a 10% workforce reduction, cutting over 7,000 positions in its latest restructuring wave. The move, affecting teams across engineering, product, and operations, aims to trim $2 billion in annual costs. The decision reflects a strategic pivot toward AI and metaverse projects, with affected employees receiving 16 weeks of severance plus stock vesting acceleration. The announcement triggered a 4% stock bump, signaling investor approval of the cost discipline, though critics note the cut lags behind typical tech-sector reductions of 15% for comparable scale adjustments.